Apple Accounting Irregularities
As Apple previously announced, an internal investigation discovered irregularities related to the issuance of certain stock option grants made between 1997 and 2001. A special committee of Apple's outside directors has hired independent counsel to perform an investigation, and the Company has informed the SEC. As a result of the ongoing investigation, the Company will delay the filing of its Form 10-Q for the quarter ended July 1, 2006.Although the investigation is ongoing, the Company has discovered additional evidence of irregularities. In light of this, management has concluded, and the audit committee of the board of directors agrees, that the Company will likely need to restate its historical financial statements to record non-cash charges for compensation expense relating to past stock option grants.
Think different business as usual.
